Netflix can’t fire its way out of this downward spiral

Netflix co-CEOs Ted Sarandos and Greg Peters assured investors this week that they have nothing to be concerned about. Sure, the company was going to lay off 1,000 employees , downsizing its product, tech, and legal departments , and was ousting its chief content officer , film chairman , and film vice president . But it had also hired a new COO - "one of the most effective at-scale operators in the entertainment industry," Sarandos said - to turn things around.